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    Park Hills Duplex Investment Opportunity Title is generated by Realmo AI

    3124 High Ridge Drive, Lexington, KY 40517

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    For Sale
    $399,000

    MULTI_FAMILY - Lexington, KY

    Property size:
    3,610 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $110/SF
    Added:
    May 7, 2026
    Days on Market:
    12
    Last Refresh:
    May 18 at 9:06 am

    Property Features for 3124 High Ridge Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    5
    Rooms
    Laundry Room, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 6, Bathroom 5, Bathroom 2
    Standard status
    Active
    APN
    42095036
    Size
    3,610 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Heat Pump, Electric

    Building Details

    Year built
    1986
    Floors in Building
    2
    Number of units
    2
    Roof type
    Shingle

    We can help!

    Listing Contact
    Cole T Guthrie
    Cole T Guthrie

    Listing agent Cole T Guthrie License #261861

    Listing office Belmont Realty Group 110 W Vine St, Lexington, KY

    Listing date May 7, 2026

    MLS# 26010181 Listing URL

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare residential income opportunity in the desirable Park Hills area.
    • Duplex featuring two units, each with 2 bedrooms and 2.5 baths.
    • Potential for increased rental income, comparables suggest $1,500-$2,000 per side.
    • Substantial updates including replacement roofs, updated HVAC, hot water tanks, newer windows, appliances, bath vanities, and fixtures.
    • Basement space in one unit offers flexible living options.
    • Convenient location near major roads, shopping, dining, schools, UK, and downtown Lexington.

    Overview

    Located at 3124-3126 High Ridge Drive in Lexington, KY, this duplex presents a residential income opportunity in the Park Hills area. Each side of the duplex features 2 bedrooms and 2.5 baths. One unit includes basement space suitable for use as an additional bedroom, office, guest area, or flexible living space. One of the units is currently vacant, while the other is tenant-occupied under a lease at $1,100 per month until April 2027. The tenant is a family member of the owner. The property has undergone updates, including replacement roofs, updated HVAC components, updated hot water tanks, newer windows, appliances, bath vanities, and fixtures, with additional improvements noted in 2022, 2024, and 2025. Features include central air, electric heating/cooling, main-level laundry, and connected electric, sewer, and water utilities. Off-street parking is available. The property is near Man O' War Boulevard, Alumni Drive, Tates Creek Road, Hamburg, The Summit at Fritz Farm, UK, downtown Lexington, parks, shopping, dining, schools, and major commuter routes. The lot size is 0.1744 acres, and the property size is 3610 square feet.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $342.2K
    NOI $30,800 @ 9.00% cap · cautious / downside scenario
    Moderate
    $440.0K
    NOI $30,800 @ 7.00% cap · market / base-case scenario
    Aggressive
    $616.0K
    NOI $30,800 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $45.9k $12.72
    − Vacancy −$1.9k −$0.53
    EGI $44.0k $12.19
    − OpEx −$13.2k −$3.66
    NOI $30.8k $8.53
    3,610 SF · lease $12.72/SF/yr · vacancy 4.18% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $440.0K
    $385.0K – $513.3K (±1% cap)
    NOI $30,800 @ 7.0% cap · market cap 7.72%
    Second Best
    Apartment 5plus
    $393.7K
    $344.5K – $459.4K (±1% cap)
    NOI $27,561 @ 7.0% cap · market cap 6.91%
    Theoretical Best
    Office A
    $748.6K
    $655.0K – $873.3K (±1% cap)
    NOI $52,400 @ 7.0% cap · market cap 13.13%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.460669
    Latitude
    37.989557

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    FAQs

    What type of property is this?
    Duplex - Residential income property in Lexington's Park Hills neighborhood.
    Where is this duplex located?
    The property is located at 3124 High Ridge Drive Lexington, KY.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Rare residential income opportunity in the desirable Park Hills area.; Duplex featuring two units, each with 2 bedrooms and 2.5 baths.; Potential for increased rental income, comparables suggest $1,500-$2,000 per side.
    (859) 494-2336
    We can help!
    Listing Contact
    Cole T Guthrie
    Cole T Guthrie
    Real Estate License ID: 261861
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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